Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)

Schedule 1   Fairer taxation of excess concessional contributions

Part 6   Contingent amendments

Taxation Administration Act 1953

101   Section 135-85 in Schedule 1

Repeal the section, substitute:

135-85 Release amount

The amount is the least of the following amounts:

(a) the amount stated in the release authority, as issued by the Commissioner;

(b) if the individual or Commissioner requests the *superannuation provider, in writing, to pay a specified amount in relation to the release authority - that amount;

(c) the sum of the *maximum available release amounts for each *superannuation interest (other than a *defined benefit interest) held by the superannuation provider for the individual in *superannuation plans.

Note: For the maximum available release amount , see section 96-30.